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IBM is planning a $1.5 billion investment in its New York operations in conjunction with New York State, which will see the State invest $140 million in economic development grants. The total investment of $1.5 billion by IBM will go towards accelerating New York State's in nanotechnology research and development, creating up to 1,000 new jobs.

Proceeds from the investment will go towards the expansion of IBM's operations at the College of Nanoscale Science and Engineering (CNSE) at the University at Albany, and the creation of an advanced semiconductor packaging research and development center at a site in Upstate New York. The company also plans the upgrading of IBM's East Fishkill facility in an overall revamping and advancement of IBM’s nanotechnology operations.

"This agreement demonstrates the potential of public-private academic collaboration. IBM applauds the bold leadership of Governor Paterson, Senator Bruno, Speaker Silver and other New York State leaders for their commitment to high-tech economic development," said Dr. John E. Kelly III, IBM Senior Vice President and Director of research. "These new investments will spur continuing advancements in nanotechnology and semiconductor research and development - including new efforts in semiconductor packaging - propelling IBM chip innovations and solidifying the state's reputation as a high-technology leader."

"Today's announcement is great economic news for the people of New York State and another sign that New York is regarded as a leader in nanotechnology research and development,” said Sheldon Silver, Speaker of the New York Assembly. “We are saving 1,000 jobs in East Fishkill, adding 1,000 jobs to the upstate economy and expanding by at least 325 the number of jobs at Albany NanoTech. This is the crux of the Assembly's High Tech Agenda - creating the jobs of the future and protecting existing jobs - and we have successfully achieved these goals with this agreement."

By Síle Mc Mahon